News

Mobile phone apps the number one way to bank

Banking by smartphone and tablet has become the leading way customers manage their finances, as mobile banking overtakes branches and the internet as the most popular way to bank.

New research from the British Bankers’ Association (BBA) suggests that customers will use mobile devices to check their current accounts 895 million times in 2015, more than the 705 million branch interactions. By 2020 they are forecasting that customers will use their mobile devices to manage their current account 2.3 billion times – more than internet, branch and telephone banking put together.

The study also reveals that by March of this year there were:

9.6 million – log-ins to internet banking a day – a 10% increase on a year before

1.3 million – text message alerts sent by banks to their customers each day

43% – decline in telephone instructions by customers to their bank between 2008 and 2013

6% – decline in branch transactions across all banks in 2014

Anthony Browne, chief executive of the BBA, says: “Our report shows that there is much to look forward to. Biometric security features will allow us to get hold of our money faster and without going through the rigmarole of passwords and PIN codes. The possibilities of using data analytics to give customers greater insight into how they spend their money and the best offers, services or products is very exciting too.

He adds: “It is vital that the government invests more in 4G and high-speed broadband to ensure that as many people as possible can be included in the revolution that is sweeping through banking.”